The company has said that the second quarter loss reflects a net unrealized loss on commodity derivatives of $322 million ($208 million after-tax), or $1.58 per share.

The company has reported oil and gas revenues of $287 million for the second quarter of 2009, compared to $691 million for the same quarter of 2008.

Newfield Exploration Company has reported $733 million, or $5.66 per diluted share, for the first six months of 2009, compared to a net loss of $308 million, or $2.39 per diluted share, for the corresponding period of 2008. Year-to-date oil and gas revenues were $549 million, compared to $1.21 billion for the first six months of 2008.

Lee Boothby, president and CEO of Newfield Exploration Company, said: "Our second quarter results show the diligent efforts of our employees to lower costs and improve margins throughout our focus areas.

"We are seeing cost reductions throughout our operations. A combination of improving efficiencies in drilling and completions, falling service costs and a strong hedge position in 2009-2010 provides us with an advantage in today's challenging environment."

A service of YellowBrix, Inc.